Australia lags in labour market efficiency
AUSTRALIA'S economy has improved one spot in the World Economic Forum's global competitiveness index after four years of falls.
The latest report shows Australia's economy is competing well on higher education, financial management, health and primary education, but lags behind the top 15 countries on key measures including labour market efficiency, wage flexibility and hiring and firing practices.
Australia went from 22nd to 21st of developed nations overall, measured on several economic indicators.
Australian Industry Group's chief Innes Willox said the report showed a need to focus on tax and industrial relations reforms, and innovation to improve competitiveness.